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While everyone might be dreaming about winning the lottery or getting a sudden chunk of money for one reason or another, if you don’t have a plan for what you’re going to do with this money when you get it, you could wind up wasting a lot of it on things that you won’t have anything to show for in years to come. But if you really think about what the best course of action will be with the money you get, you can set yourself up for a very stable financial future.
To help you see how this can be done, here are three things to do when you get a sudden windfall.
Pay Down The Right Debts
If you’re trying to think of the most responsible things that you can do with your sudden windfall, one of the top things on your list might be to pay down your debt. And while this can be a great idea, you’ll want to make sure that you spend your money on the right debts first.
Ideally, when you’re working to pay down debt, you should focus on debt that has the highest interest rate first. By doing this, you’ll be saving the most money in the long-run by not having to pay a higher amount of interest on that debt. So even if that debt is smaller, paying down the highest interest rate debt that you have should be your first move.
Choose An Investment Strategy
When you get a lot of money that you weren’t planning on receiving, another great option for that money is to invest a large portion of it.
For most people that invest money, they really are only able to invest a small amount of money at a time. And while a small amount of money invested over a long period of time can yield great results, investing a larger amount of money for that same period of time will make you even more money. Just make sure you diversify your investments so that you don’t risk all of your money in the same investment vehicle.
Don’t Make Any Big Purchases Immediately
If you’re not used to having a lot of money that you don’t need to spend on necessities, you might be excited about getting this large windfall so that you can buy something that you’ve always wanted but hadn’t been able to buy before.
While this could be a good time to make this purchase, it’s wise to wait a bit before you make any big purchases. The last thing you want to do is make impulse purchases that blow through all of your money before you can do anything really impactful with it. So before you go to make a big purchase, make sure you think long and hard about it.
If you’ve just gotten a sudden windfall, consider using the tips mentioned above to help you decide what to do with the money.
